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Published at Returns on Jun 15, 2018.
LONDON (Reuters) – A cryptocurrency exchange in the UK has struck a rare deal to open a bank account with British start-up ClearBank, said two people familiar with the matter, allowing domestic customers to trade digital currencies without moving their money overseas.
Mainstream British and other European lenders have largely shunned cryptocurrencies, which have come under increasing scrutiny from regulators.
ClearBank is a purpose-built clearing bank launched in 2017 by Nick Ogden, the founder of payments group Worldpay.
“This will make it easier for British customers of the exchange to buy and sell cryptocurrencies by making transactions faster and cheaper,” said one person with knowledge of the agreement who declined to be named.
London Block Exchange said in March it would offer its clients on-shore accounts and access to the Faster Payments Service, a network used by the traditional financial industry.
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Zurich, Switzerland, 8021
Swiss bank Falcon Private Bank has received authorization from the Swiss Financial Supervisory Authority FINMA for the management of assets based on the Blockchain technology supporting Bitcoin, CNBC reports.
The Zürich-based private bank manages around $15.1 bln worth of client assets and has offices across Europe and the Middle East.
According to the bank’s global head of products and services, Arthur Vayloyan, the initiative marks a new chapter in how they exchange money:
“As a financial services partner, I think we have to become part of that strategy.”
Asset management services
Under the initiative, Falcon will access Bitcoin through Bitcoin Suisse, a Switzerland-based digital currency broker. It is also expected that other private banks will use Bitcoin and other digital currencies for their asset management services due to the country’s reputation as a global leader in terms of banking practices.
In his comment, Bitcoin Suisse chief executive officer (CEO), Niklas Nikolajsen said that FINMA has focused more on how to protect the consumers rather than in the possibility that Bitcoin would be utilized to finance illegal transactions during its review of Falcon’s application.
“I would assume it would not be long before the rest of the banking sector will follow suit. The genie is out of the bottle and crypto assets bring a value proposition that you can’t ignore.”
Bitcoin ATMs installed
Based on reports, the private bank has already installed a Bitcoin ATM in the lobby of its headquarters in Zürich to enable its clients to withdraw the cryptocurrency to their phones.
The bank, however, has set a minimum client investment to Bitcoin at two mln Swiss francs. This means that majority of Swiss citizens will not be able to invest in cryptocurrencies, particularly Bitcoin, through the bank.
Telephone:+41 (0)800 813 913
Hypothekarbank Lenzburg CEO Marianne Wildi confirmed that they are first bank in the country to open company accounts for blockchain and crypto-related fintech companies. Wildi said:
“As a bank that sets itself up technologically and pursues a cooperative strategy in the field of fintech, it is also a matter of credibility to work together with the young sector of crypto and blockchain companies in Switzerland”.
Wildi noted that she was aware of “the money laundering problem in the area of crypto companies and Initial Coin Offerings (ICOs)”. The bank reportedly examined the relevant risk and compliance issues “very precisely,” in addition to informing the Swiss Financial Market Supervisory Authority(FINMA) before deciding to cooperate with crypto startups.
According to Wildi, the Hypothekarbank Lenzburg is reportedly very selective in accepting new customers, and recently has taken on only two companies from the crypto industry. Before accepting a new client, the bank performs a rigorous due diligence process.
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In just a few short sweet weeks from today, Wirex will introduce the most advanced crypto-friendly personal finance platform in operation worldwide.
Features will be released a step at a time over several weeks and months — with a stunning road-map for the future.
Regular Wirex app-users who provide feedback on the new services will be granted priority access to each new feature release, including crypto investment tools, new crypto wallets, and plastic card availability.
The first Wirex currency account available will be based in the UK — available to dozens of countries around the world — with a British account number and sort-code, 100% secure and fully registered with the UK Financial Conduct Authority.
This is an incredibly exciting moment for cryptocurrency enthusiasts who need crypto-friendly personal finance services including real debit cards (not prepaid cards).
Published at Cryptalker.
Bank of America is the second-largest bank in the US and one of the most US-friendly bitcoin banks. The customers of these bank claim that it is easy to make bitcoin payments and there are not restrictions. You can deposit and cash out large sums over $20K and never have issues. Many bitcoin exchanges have been collaborating with the BoA for bank transfers when buying/selling bitcoin. Bank of America was even reviewing its bitcoin policy to allow customers to buy bitcoin with credit cards.
However, the bank has recently stopped allowing deals with Bitcoins using Bank-issued credit cards and lines of credit. Depositors can still use their debit cards or bank transfers for purchases, though. And clients who still have investments in the Bitcoins Investment Trust can keep those. While those clients who have fee-based accounts will have to sell the holdings.
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New York, NY, 10282
It’s official — the new chief executive of Goldman Sachs will be the firm’s current chief operating officer David Solomon, who last month said the New York investment bank is looking in to adding further bitcoin and cryptocurrency services to its portfolio.
According to Solomon, Goldman Sachs is already offering clients publicly-traded derivatives tied to bitcoin but in an interview with Bloomberg he said the bank must “evolve its business and adapt to the environment.”
“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously,” said Solomon. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
Circle, a payment startup owned by Goldman Sachs, announced yesterday that it’s launching a new cryptocurrency called the Circle USD Coin. The new currency is basically a digital version of the dollar that you’ll be able to purchase by trading in, you know, real money.
The USD Coin is the first cryptocurrency released by a major financial institution. While this sort of goes against the whole point of decentralized and distributed cryptocurrencies like bitcoin, Goldman Sachs and Circle hope to bring some stability to the cryptocurrency market, which has crashed and rebounded an exhausting number of times this year alone.
What is Bitcoin Crypto Bank?
Bitcoin Crypto Bank is a privately owned company operating on the Bitcoin trade market. Founded in 2014 and managed over $3 million for institutional investors which is now open to worldwide individual investors. These funds are managed by a team of Bitcoin Crypto Bank investment experts. Given the advancement in technology it has become extremely difficult to profit from mispricing in the market. Many traders have computerized trading systems set to monitor fluctuations in similar financial instruments. Any inefficient pricing setups are usually acted upon quickly and the opportunity is often eliminated in a matter of seconds.
Why deposit in Bitcoin?
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Royal Bank of Scotland (RBS) is experimenting with its own in-house cryptocurrency, says the bank’s technology chief.
RBS is a subsidiary of the Royal Bank of Scotland Group, which also includes NatWest and large Irish commercial bank Ulster Bank.
Neil Bellamy, head of technology, media and telecoms, told The Memo that RBS had created, traded and settled its currency between the group’s banks.
Commenting on the potential of blockchain technology, Bellamy added:
“It’s a pipe dream, but imagine if you could take a distributed ledger system and put it in a back office and do away with a lot of that legacy infrastructure. A lot of people think we’re going to be very wary and defensive or shy away from some of this newer cryptocurrency [sic] but I think the actual process and the sentiment behind it could be very exciting.”
In the report, Bellamy also said that a cryptocurrency company had used one of RBS’ technology solution centres – utilized by businesses to test the viability of their products in a life-like environment – to test their bitcoin distributed ledger technology.
The reports come after RBS’s chief administrative officer, Simon McNamara announced that the bank was trialling Ripple technology as part of its £3.5bn technological revamp in June and the bank partnered with distributed ledger startup R3 CEV last month.
The Spanish multinational bank said it conducted the entire loan process, from the negotiation of terms to the signing, on a mutually distributed ledger that informed both the bank and the borrower of the loan’s progress.
Using Blockchain reportedly cut the negotiation time for the €75 mln loan from “days to hours”. BBVA called the process a “significant advance in the exploitation of [distributed ledger] technology”.
BBVA CEO Carlos Torres Vila said that the bank had “several more transactions in the immediate pipeline”, and that the bank would also be launching a pilot program with Spanish telecom corporation Indra. Indra has described itself as “at the vanguard” for Blockchain applications.
Blockchain has strong appeal in the sphere of corporate and syndicate loans, as corporate and syndicated lending is more complex than consumer lending; records must be accessed by a wider range of individuals. Torres Vila said:
“Blockchain can offer clear advantages for all sides in the corporate loan market in terms of efficiency, transparency, [and] security… It’s another strong example of how disruptive technology can be used to add value to financial services, something that is central to our strategy.”
BBVA’s pilot project will use a private Blockchain for negotiating and completing the loan process, after which it will be registered and completed on the Etheruem public Blockchain. BBVA is also developing Blockchain applications for international trade, international lending, and foreign exchange.
BBVA has enthusiastically adopted new technology and business models. It has invested in a several new ventures including solarisBank who, as Cointelegraph reported today, worked to develop the first crypto trading desk at VPE bank in Germany